When people graduate from high school, a lot of these students decide to work instead of going off to college. The reason some give is that the individual doesnt have any idea what to take up. The sad truth is that some cant afford it. Many colleges and universities are funded by the federal government and the alumni but not everybody can qualify for a scholarship or a grant. The best chance to get that degree and a high paying job is a federal student loan.
Are there enough loans to be given to people who want to avail? The answer is yes. The federal governments give the department of education a budget of more than $65 million a year in terms of loans, grants and aids. One of these is called the Stafford or Ford program. There are two types currently being offered. The first is the subsidized by the government. The second is unsubsidized meaning the student will have to pay this back so that other candidates can also apply for a loan. When the candidate applies for a loan, the repayment process can be done in 5 years or more. The person should remember that this can be fast tracked but keep in mind of the rise and fall of interest rates in a given year that could affect the amount to be paid back to the government.
These are some certain requirements in order to be eligible for student aid. These are the following;
- The candidate must have a high school diploma or a certificate after taking the General Education Development program more often known as the GED. If this is not available, any document given by the Department of Education that proves the individual is ready for higher education.
- There must be proof from the school where the student applied in that in the long term will result in a degree or a certificate. There is a list of eligible programs so it will be a good idea to check if the loan will be granted.
- If the loan applicant doesnt know what course to apply to given that the first choice is not eligible, it will be a good idea to get some advice from a financial aid administrator.
- The person should be a US citizen with a valid social security number.
- If accepted, a certain GPA must be maintained during the entire program.
- One of the parents must sign on the student loan application form.
- Those who have served time in prison still have a chance to go back to school and earn a decent living. The former convict should call the nearest federal student loan office to find out how to apply and in the end earn a degree.
- The one who will be responsible for checking if the student is eligible for the loan is the school where the candidate has decided to apply in. If the application has been turned down, there are still other places such as non profit organizations that can help the person still purse that degree.
Those who have applied in the past can reapply again in the future. Some of those who failed to qualify before can work on the issue and address this so the application can be granted.
The office of student aid has also gone high tech. Instead of going to one of the offices in campus or nearby the home, the form can be filled up online or printed then mailed. An account made from the website is better since the status of the application can be monitored for faster action if something else needs to be submitted.
At the turn of the 21st century, more than 4 million student loan applications were processed. This number has more than doubled 6 years after this first started.
It is a good idea to start early when deciding to apply for a federal student loan. The student can check the local library, the school counselors office and the department of education nearby so the papers can be prepared even before graduating from high school. The federal student loan application form is free. By filling up the form and preparing the required documents, this is the first step any student has to take in order to get money for college and get that degree.